In year Longworth Partnership purchased a machine for $ to use in its business. In year Longworth sold the machine for $ Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $
Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable.
b What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $
table Answer is complete but not entirely correct.,DescriptionAmount,Total Gain or Loss Recognized,$Character of Recognized Gain or LossOrdinary Gain or Loss$
